The National Land Commission is now accepting applications for buying and selling land and properties within the Gelephu Mindfulness City Special Administrative Region project boundary. In a public notification issued today, the commission announced that applications will be reviewed on a case-by-case basis. The commission had placed a moratorium on the sale and purchase of land and properties in Sarpang District in July of last year.
The new notification states that it is in continuation to the moratorium imposed last year and will extend to the entire Gelephu Mindfulness City boundary. While the July 2023 moratorium on sale and purchase will continue, the commission is accepting applications for such transactions.
According to the notification, the project boundary includes the whole of Sarpang District, Lhamoi Dzingkha, Karmaling, and Nichula Gewogs of Dagana District, and Sonamthang, Panbang, and Tungkudenba of Zhemgang’s Ngangla Gewog.
The notification states that, in addition to normal transaction documents, applicants must submit an additional undertaking form, signed by both the buyer and the seller, which is available from local government offices.
Additionally, banks and financial institutions may accept properties in Gelephu Mindfulness City as collateral. However, the notification requires that the valuation of land and property offered as collateral should be based on the valuation that existed before the moratorium placed on the 14th of July last year.
The notification, signed by the land commission secretary, states that transactions arising from foreclosure or auctions approved by relevant authorities are not subject to the moratorium, and the parties involved may process such transactions.
Sherub Dorji
